FAQ

Is a short sale right for me?

Perhaps: If you owe more than your property is worth, and it does not make financial sense to keep the house, or if you are struggling to make your mortgage payments, or if your interest rate, monthly payments, or mortgage balance has been increasing difficult to keep current.

How much is this going to cost me?

Unlike some companies, we charge absolutely nothing to the homeowner. The lender pays our fees through real estate commissions, and will pay some additional fees and costs. We do not earn anything unless we successfully complete your short sale. 

Are there any tax consequences?

In 2007, The Debt Relief Forgiveness Act and Debt Cancellation was passed. This allows homeowners to short sell their homes up to 1 million dollars with no tax consequences. Be sure to consult your tax professional for more information. You can also visit the IRS website at www.irs.gov.

Will I have to move out immediately if the lender agrees to the short sale?

No. Even if someone makes an offer on the house immediately, it can still take three to four months for the short sale to be approved at the bank.  

Can I short sale if I missed or am behind on my payments?

Yes. You can even short sell a property if you are in default.  

How do I make a short sale more attractive to a lender?

Getting a lender to approve a short sale is primarily a question of economics. You have to provide hard numbers to show that the amount of money a bank will net on the short sale is better than the amount it may net from foreclosing on the property and selling the property as an REO.

What is your experience negotiating with short sales and lenders?

We are a Certified Foreclosure Prevention Consultant and have successfully negotiated many Listings and Short Sales.We deal with banks and lenders every day

Will the foreclosure process stop by listing my home as a Short Sale?

No, however there are a couple of exceptions. If you have an FHA loan, you may qualify for a Pre-Foreclosure Sale Program due to your hardship which postpones your foreclosure for 90 days. Another possibility is if an offer is made on your home before the foreclosure date then a lender may consider postponing the foreclosure in order to review the offer and short sale paperwork. 

How long does a Short Sale take?

How long it takes will depend on what state you are in. In Georgia, a typical short sale may take from 2 to 4 months. Some reasons why short sales take longer than conventional home sales is that there is more paperwork involved and the process is delayed when short sale paperwork is missing or incomplete. Sometimes overwhelmed lenders will reject offers for this reason and the process must be started over from scratch. This is one reason why it is important to use someone familiar with the short sale paperwork for that lender in order to avoid having a file closed or any unnecessary delays. 

How Do I Decide If I Can Be Approved For A Short Sale

Contact us and we will start the process of getting the lenders OK.